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Some Googlers have already discussed a strike (as Google refused a number of other demands from the walkout) and have raised money to support Googlers who may be financially constrained in a strike situation. Some have resigned, and others have made plans to leave in the near future.

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What exactly would a strike at Google do? Will the servers stop running?

There's a lot of room between "nothing" and "all Google services stop running". Reduced trajectory on new feature development, for instance.

I'm sure you can figure this out if you think about it.

Since a significant number of protesting employees are SREs (site reliability engineers), there's a non-zero chance that problems that arise would not be dealt with as promptly if there was a strike, depending on how many SREs joined the strike and what they were responsible for. At Google scale, technical failures arise regularly, so even in a short period of time, this would likely have some impact. It would certainly be an interesting way to test their resiliency to failure.

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